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Retired Americans are racking up credit-card debt like never before, be it for vacations or medical expenses, and a surprising number have no intention of paying it off before they die.
Nearly 40% of retired Americans said they've accumulated credit-card debt in their twilight years — and aren't worried about paying it off in their lifetime, according to a survey released by CESI Debt Solutions.
Retired Americans are racking up credit-card debt like never before, be it for vacations or medical expenses, and a surprising number have no intention of paying it off before they die.
Nearly 40% of retired Americans said they've accumulated credit-card debt in their twilight years — and aren't worried about paying it off in their lifetime, according to a survey released by CESI Debt Solutions.
From the article: "It's not just vacations and entertainment; one of the biggest sources of senior debt is medical expenses. More than 75% of the seniors surveyed said they went into debt for medical or funeral expenses."
Back to healthcare in the U.S. again. It's not a credit card problem, it's a health care problem.
Funeral expenses is not a health care problem..it's a lack of life insurance problem.
When you are dead you are dead, what does it matter.? Life insurance is a scam...health care is for the living , and I want to keep that going as long as I can , human nature at its best.
Funeral expenses are not a lack of life insurance problem, they are a lack of keeping a reasonable reserve for emergencies problem.
Yes, death is the ultimate emergency. But why pay big bucks for a funeral? What is the point? Why not instruct your family to have your remains cremated immediately and scatter your ashes over the Pacific, Atlantic, Mount Washington, or wherever? Gone is gone. Let not consumerism consume even our final and most sacred act.
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
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Quote:
Originally Posted by Escort Rider
Funeral expenses ....
I agree, it is a 'planning' problem.
Can be done for under $500, and even MUCH CHEAPER if you are in a state that allows you to plant the 'beloved' in their back yard.
OT: If you are gonna take full advantage to the benefit of dying in 2010, (no estate taxes), I would say maxing the plastic is good planning. Deferring cash flows (burial, funeral, cc payment ...) until 2011 is a recommended strategy for shifting expenses into 2011. (when you (& estate) will need all the deductions they can get)
If you are in a warm southern state you might want to delay your demise until 31 Dec 2010, as the regs for 'natural burial' are within 3 days. (72hrs)
Here in the PNW we have the two states with legal Dr. assisted suicide so you will want to 'book early' to beat the end-of-year rush.
My parent wanted to be buried 2500 miles away (and it was summer), so I went to the expense of 'preservation'. Embalming, roadtrip, and backhoe rental all combined were less than $900. (I didn't think to use the 'deceased' plastic for those expenses, but then that would have been illegal .)
FWIW... Dying in Nebraska is VERY expensive as you need to have a 'funeral director' ride 'shot-gun' till you get to the state line. That cost me another $100. The several other states I traversed had no such regs.
Transit permit from the departing state was free.
I'm sure there are certain senior situations where running up the plastic may be the best 'end-of-life' benefit to them and their estate.
Yes, death is the ultimate emergency. But why pay big bucks for a funeral? What is the point? Why not instruct your family to have your remains cremated immediately and scatter your ashes over the Pacific, Atlantic, Mount Washington, or wherever? Gone is gone. Let not consumerism consume even our final and most sacred act.
The case that you make for saving money on funerals is a very good one, and over the past couple of decades cremation has indeed become more and more widely utilized in the United States. I know a little about this because I used to work in the funeral industry.
However, the choices involved are extremely personal, and unless one is rather hard-up for money, the choice of a traditional funeral my be well worth the cost. In the case of me and my sister when our mother died about five years ago, it was a comfort to have a traditional funeral because that's what we had been having in the extended family for a long time: both my mother's parents, her sisters and brother, and even some cousins who had died at relatively young ages. My mother was buried next to her parents and near other relatives, in a grave site which she herself had selected and paid for before her death. So we were happy to respect and follow her wishes, as there was no conflict with what we wanted. It was comforting to have many relatives and friends at the traditional wake and then at the service the next day. Even with a traditional funeral, one doesn't have to go hog wild on expenses; there are reasonably priced caskets, etc. The cost of the funeral we had was not a burden on either of us and I would do it all over again the same way; I consider it money well spent. But I have absolutely no quarrel with people who have chosen differently.
When you are dead you are dead, what does it matter.? Life insurance is a scam...health care is for the living , and I want to keep that going as long as I can , human nature at its best.
The OP indicated that health and funeral debt was a health care problem.
I only pointed out that funeral expenses are not covered under health care but under life insurance.
I was only correcting the OP for what is covered by what type of insurance.
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), I would say maxing the plastic is good planning. Deferring cash flows (burial, funeral, cc payment ...) until 2011 is a recommended strategy for shifting expenses into 2011. (when you (& estate) will need all the deductions they can get)
The several other states I traversed had no such regs.
Some thoughts on funeral expenses
